Stock Analysis on Net
Stock Analysis on Net

Edwards Lifesciences Corp. (NYSE:EW)

This company has been moved to the archive! The financial data has not been updated since February 14, 2022.

Common-Size Balance Sheet: Assets
Quarterly Data

Edwards Lifesciences Corp., common-size consolidated balance sheet: assets (quarterly data)

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Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Cash and cash equivalents 10.15 18.47 17.13 16.28 16.35 15.06 14.06 10.91 18.17 19.89 13.04 12.97 13.41 21.17 21.57 21.06 14.37 11.48 9.89 17.14
Short-term investments 7.10 3.53 3.24 2.17 3.03 3.99 4.05 6.06 5.21 2.85 3.72 4.64 4.55 5.61 3.07 4.67 9.12 14.08 12.14 2.07
Accounts receivable, net of allowances 6.85 7.36 8.36 8.13 7.11 8.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other receivables 0.97 0.78 0.78 1.08 1.22 1.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts and other receivables, net of allowances (legacy) 0.00 0.00 0.00 0.00 0.00 0.00 8.84 9.63 9.23 9.55 10.94 10.57 10.09 8.90 9.15 7.67 8.11 8.65 9.94 10.67
Inventories 8.55 9.04 9.91 10.65 11.09 11.37 11.44 10.90 9.88 10.24 11.21 11.54 11.40 9.80 9.99 9.85 9.74 9.81 9.57 9.02
Prepaid expenses 1.00 0.94 0.90 1.07 1.04 1.01 0.89 1.08 0.91 0.96 1.00 1.01 1.02 0.88 1.23 1.34 1.06 0.96 1.05 1.11
Other current assets 2.79 2.96 3.04 3.18 2.88 2.52 2.59 2.69 2.59 2.42 2.34 2.59 2.48 2.52 2.41 2.04 2.05 1.77 1.85 2.21
Current assets 37.41% 43.08% 43.37% 42.55% 42.71% 43.82% 41.88% 41.27% 45.99% 45.92% 42.25% 43.31% 42.96% 48.88% 47.41% 46.64% 44.46% 46.76% 44.44% 42.22%
Long-term investments 21.57 15.71 13.24 11.12 11.08 8.81 9.25 9.67 9.02 6.47 7.41 8.30 9.51 8.04 8.27 9.13 9.95 10.34 10.73 10.86
Property, plant, and equipment, net 18.19 17.95 18.87 19.66 19.28 18.77 18.61 18.11 16.34 16.32 16.71 16.31 16.30 13.86 13.55 12.22 11.93 11.84 12.22 12.32
Operating lease right-of-use assets 1.08 1.04 1.10 1.23 1.30 1.32 1.32 1.24 1.23 1.23 1.28 1.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill 13.74 14.34 15.29 16.23 16.21 17.20 18.18 19.19 18.00 19.39 21.06 20.17 20.89 18.84 19.67 19.65 19.78 17.86 18.78 19.77
Other intangible assets, net 3.81 3.99 4.27 4.58 4.58 4.89 5.19 5.51 5.19 6.39 6.92 6.24 6.45 7.85 8.20 8.25 8.22 7.56 7.95 8.41
Deferred income taxes 2.90 2.25 2.49 2.90 3.19 3.16 3.18 2.60 2.65 2.61 2.94 3.01 3.27 1.93 2.29 3.11 3.75 3.59 3.60 3.75
Other assets 1.30 1.64 1.37 1.74 1.65 2.03 2.39 2.39 1.57 1.68 1.44 1.38 0.63 0.59 0.61 0.99 1.91 2.05 2.27 2.67
Long-term assets 62.59% 56.92% 56.63% 57.45% 57.29% 56.18% 58.12% 58.73% 54.01% 54.08% 57.75% 56.69% 57.04% 51.12% 52.59% 53.36% 55.54% 53.24% 55.56% 57.78%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The asset composition of the balance sheet exhibits a strategic shift over the analyzed period, characterized by a gradual transition from intangible assets toward increased investments in tangible operational infrastructure and long-term financial instruments. While current assets maintained a relatively stable presence for several years, a notable contraction in their proportion of total assets occurred by the end of 2021.

Liquidity and Current Asset Trends
Current assets generally fluctuated between 41% and 49% of total assets from 2017 through 2020, before declining to 37.41% by December 31, 2021. Cash and cash equivalents showed significant volatility, peaking at 21.57% in June 2018 and ending the period at 10.15%. Inventories remained consistent, typically ranging between 8.5% and 11.5%, suggesting a stable relationship between inventory levels and overall asset growth. A structural change in reporting is observed in late 2020, where legacy receivables were bifurcated into net accounts receivable and other receivables, though the combined weight of these items remained consistent with previous years.
Fixed Asset and Infrastructure Expansion
A sustained increase in the proportion of Property, Plant, and Equipment (PP&E) is evident, rising from approximately 12% in early 2017 to a peak of 19.66% in March 2021. This upward trend indicates a period of significant investment in physical capacity and operational infrastructure. Additionally, the introduction of operating lease right-of-use assets in 2019, which stabilized around 1%, reflects the adoption of new accounting standards for leases.
Intangible Asset Attrition
There is a clear downward trend in the weight of intangible assets. Goodwill decreased from a high of 20.89% in December 2018 to 13.74% by December 2021. Similarly, other intangible assets, net, declined steadily from 8.41% in March 2017 to 3.81% by the end of 2021. This suggests that the growth of the total asset base has outpaced the acquisition of new intangible assets, or that existing intangibles have been systematically amortized.
Long-Term Investment Growth
Long-term investments experienced a substantial increase toward the end of the period. After fluctuating between 6% and 11% for several years, these assets surged to 21.57% of total assets by December 31, 2021. This pivot represents one of the most significant changes in the balance sheet structure, contributing heavily to the overall increase in long-term assets, which reached 62.59% in the final quarter.

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